I think most of us who have been in Bitcoin for several years will be deciding between doing our accounting First In First Out (FIFO) or Last In First Out (LIFO). You have to consider that the capital gains for short term gains is 10 to 20 percent higher than for long term gains (over a year). But the bitcoin price this year and in previous years has gone up so much that such a difference is not enough (for example, I started buying at $20 so I would not choose FIFO because my gains would be over 1000% on my initial coins).
For me, I don't think I have ever sold bitcoins (on Coinbase) for fiat. I usually spend it. So I would choose LIFO because I have my money converted to bitcoins for each paycheck. So the gains in any given 2 week period are minimal, over the course of the year when one week may be down, one may be up it will add up to a very small amount.
In the future if I were to want to cash out a large portion of my bitcoins or spend a large amount I would probably structure my holdings via some sort of Caymen Islands type of thing as opposed to paying the capital gains on thousands of percent in gains.
This is usually where people say "consult an attorney" or whatever. Fuck that, you have the Internet and you probably know a lot more about Bitcoin than those assholes. Do your own research and you'll find the best way forward.
Look in to my eyes and I will tell you the future!
Oh boy... Here we go!... Well... Elwar... the thing is like this and I'm sorry I need to break it to you! In the future the concept of tax will be not sustainable. Meaning there will be no taxes. Because I have a lot of time on my hands and I meditated for some time about this... And I see there are social problems with pensions, healthcare, the public school system... etc... So... Listen to me! ...
There will be no taxes... soon.The thing is that most of you are sheeple (maybe not the people on this forum... at least most of them) ... The problem of your concept is that you don't need to pay taxes! ... Because that's what they want you to believe! Just to feed their corrupt and decaying system!
You see those sheep?? .. They just need a big bad wolf on their side to start running sideways in that high snow. Just like all you tax paying motherF&#@ers...
... U feeling me??
And I'm not talking only to you.. but with all those who read this right now... And for example you should stop giving your monthly pension contribution in some
"private fun"-d ... But instead you should bootstrap or do some mattress bulking with some of the money (in some solid long term self owned investments like: bitcoin, gold, silver... dunno diversify your portfolio) that u keep donating in those fake/illusion pension funds.
Their socialism bullsh!t won't last 4ever!Because in the future if you need something... You will pay for it from your own pocket! And there will not be any socialist insurance to bail you with your health, your car or other goods that you might own!
You should just cut off the middleman! Because he kinda just enslaved the world.
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